Will you whisper those 4 lending words this Christmas?

On December 12, 2011, in News, by Lewis Alexander

I cannot afford it!

  • free credit report UK from ExperianIt is expected that 1 in 3 UK residents will enter the cycle of personal debt this year just to fund Christmas purchases and gifts.
  • A recent YouGov study shows that nearly 31% of us will borrow from friends or family and also financial institutions in the form of personal loans from banks including other credit facilities.

Nearly 60% of this third will be spending more than they usually do on credit cards and nearly 40% will end up with an overdrawn personal bank account due to gift purchasing and social spending.

  • It is believed that approximately 65% of 24-34 year olds are struggling most with financial arrears, this does not include mortgages.

When looking towards Christmas spending it would be wise to formulate a budget of what to spend and by what date, this allows you to plan for other normal monthly expenditures that you will face be it December or not.  People throw caution to the wind and worry about the overspending in the early months of the following New Year.  This is where the misery sets in for those who may have lending costs increase on them.

Changes in circumstance are the most common events that create the final need for an individual to seek help with personal debt problems.

Not all people will need the help as long as the income they have remains.  It is when the income itself is affected that the individual is left with no means to pay living costs let alone regular monthly finance repayments.

The costs of Christmas borrowing remains at a record high, please do not struggle alone should you find yourself in a position that you are unable to get out of or understand, pick up the phone and take confidential debt advice regarding your situation and you may be relieved afterwards to know that there is a route out of the difficulty you may find yourself in.

  • For a confidential chat with a personal debt consultant from Lewis Alexander Financial Management, please contact 0800 018 6868, lines are open 24 hours and your call is FREE from most UK land lines. Mobile call costs may vary, please check with your service provider before calling.
  • Wishing you a Merry Christmas and a Happy New Year from all at Lewis Alexander.
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I can’t pay for Christmas!

On December 31, 2010, in News, by Lewis Alexander
  • That’s it.
  • Christmas is over, all left-overs eaten and as part of the new diet regime you have thrown away the last of the chocolates, but now all is said, done and eaten, there is only one thing left to do… start paying off the Christmas bills that were charged to your credit cards!

free credit report UK from ExperianWhen times are tough and income is tight, using credit to pay for the holiday period really is an easier thing to do than you may expect.  You start October promising that this years’ Christmas is going to be on a budget, but then you see the decorations in the shopping malls, the children’s letters to Santa (that happen to resemble the entirety of the Argos catalogue!), that added bit of peer pressure and before you know it, you’re all set for another bumper Christmas spend.

  • Now it’s January and time to pay for it all, but you realise that this is easier said than done.
  • Identify with this kind of situation?
  • Then read on!

Sat at the kitchen table with your present receipts and your credit card balance can be a bit of a seminal moment, but all is not lost!

Firstly take a look at your Christmas present loot!  Every year there are millions of unwanted presents that are gifted and there is a good chance that you may be the ‘lucky’ recipient of a pair of slippers, a Christmas jumper, or a perfume whose smell reminds you of filling up at the petrol station!  If that is the case, take a few minutes to look at whether you are able to return these for a cash refund (normally a purchase receipt is needed).

If not, and your item is still packaged, the wonders of ebay may also prove a great place to earn some much needed funds from your unwanted gifts.   By the time that you have added one or two other unwanted items from a post Christmas clearout you may have enough items to help you with some of those Christmas costs!

It is also worth sitting down to complete a review of the household expenses.  The end of one year and the start of the next is a great time to complete a financial review or financial health check as many people start to make plans for the coming year.  Identifying any luxuries that could be cut out from your household budget or other unnecessary personal expenses could free up some much needed cash to help pay these dreaded bills.  In any case, there is no point keeping that gym membership or satellite TV subscription if you simply aren’t using it!

Having completed a full review of your financial situation, if you still think that paying off Christmas is going to be an issue then don’t worry, help is at hand! One free call to the Debt Management specialists at Lewis Alexander could help sort your financial life.  Our lines are open 24 hours a day using 0800 018 6868, advisors can listen to your individual circumstances and complete a financial healthcheck prior to advising on appropriate financial solutions.

For some homeowners a secured loan may be the best option, for others entering into a debt management solution or even an IVA (Individual Voluntary Arrangement) can offer the best solution, however our specialists will ensure that the solution they offer to you best suits your circumstances.

Being in debt can add additional pressure to an already stressful lifestyle, but having a clear defined plan to move you out of this position can make a massive difference to the reducing the weight you feel on your shoulders.  Our specialists are experts in dealing with people from a variety of different backgrounds with a range of different debt problems and your call will be dealt with in the strictest of confidence.

  • One free call can make a massive difference to your financial situation if you are prepared to action the help available, so call Lewis Alexander free on 0800 018 6868. Call now!
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